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Message from Chairman

Dear Shareholders,

On behalf of the Board, I am pleased to present the results of the Year of the Group.

We are one of the leading integrated fitting-out contractors in Hong Kong and Macau, specialising in providing professional fitting-out works for residential property and hotel projects. During the Year, we have expanded our fittingout business to the PRC market by the Acquisition. In addition, we also generated revenue from alteration and addition and construction works in Hong Kong and from manufacturing, sourcing and distribution of interior decorative materials business for sales globally. During the Year, a majority of our revenue was derived from our fitting-out projects in the private sector.

During the Year, the Group’s revenue was HK$4,982.9 million (Previous Year: HK$5,114.9 million), profit for the year was HK$421.1 million (Previous Year: HK$523.2 million) and basic earnings per share was HK19.51 cents (Previous Year: HK25.30 cents). The Board is pleased to propose a final dividend of HK2 cents per Share for the Year. Taken together with the interim dividend of HK7 cents per Share, it is equivalent to approximately 46.1% of the profit available for distribution for the Year, which is slightly higher than the dividend policy as stated in the Prospectus.

By providing high-quality service, we work with lots of loyal business partners and can thus maintain our inherent business and enlarge our business step by step. We completed 24 fitting-out projects with an individual contract sum of not less than HK$50.0 million, and 19 alteration and addition and construction projects during the Year. Most of those projects are sizeable hotel guestrooms, casinos, residential properties and commercial buildings.

The construction of Hong Kong-Zhuhai-Macao Bridge was completed in February 2018. With enhanced boundary crossing facilities between the PRC and Macau, more business development opportunities will be presented to promote the Macau economy as well as stimulate its gambling industry and tourism. Thus, we are still optimistic about the potential growth of fitting-out business in Macau. Meanwhile, we are confident to capture new opportunities through proactive participation in the GHMGBA Initiative, so as to strengthen our leading position in the fitting-out industry. We also took this opportunity to invest in a Hong Kong real estate fund during the Year so as to bring more income to the Group. Further, leveraging on the rapid growth in the property and tourism market in the PRC, we have expanded our fitting-out business into the PRC market by the Acquisition. In the future, we strive to increase our reputation and profitability in the PRC, riding on Sundart Engineering & Contracting (Beijing) Limited success and high results performance.

Looking ahead, we will capture opportunities arisen from the new momentum brought by the “The Belt and Road Initiative” and the GHMGBA Initiative. We believe that we will strengthen our leading position in the fitting-out industry in Hong Kong and Macau through powerful alliances and complementary advantages, so as to create a one-stop construction industry chain and enhance our overall comprehensive service capabilities. Given the rapid economic development in the PRC, the investment inflow in real estate development is expected to increase. We will develop our business in the PRC through Sundart Engineering & Contracting (Beijing) Limited by replicating and grafting the rich project management experience in Hong Kong and Macau to the PRC market, complement each other’s strengths to expand and strengthen the PRC fitting-out business and promote the overall value of the Group.

Lastly, on behalf of the Board, I would like to take this opportunity to express my sincere gratitude and thank to our Shareholders, business partners and other professional parties for their constant support for the past. We will carry on dedicating our efforts towards the long-term development and hence deliver sustainable returns to our Shareholders.

Liu Zaiwang
Chairman